Azure Midstream Partners filed with the U.S. Bankruptcy Court a Joint Plan of Liquidation and related Disclosure Statement.
According to the Disclosure Statement, “Notwithstanding any other provision of this Plan to the contrary, on the Effective Date, the Lender Claims are Allowed as Secured Claims having first lien priority in the amount of $176,915,037.75.”
In addition, “On the Effective Date: (a) all of the Debtor Affiliates shall be merged into Azure and the Plan Administrator may dissolve such Debtors and complete the winding up of such Debtor Affiliates without the necessity for any other or further actions to be taken by or on behalf of such dissolving Debtor or its shareholders or any payments to be made in connection therewith, other than the filing of a certificate of dissolution with the appropriate governmental authorities; (b) all assets of the Debtor Affiliates shall be transferred to Azure, and all claims filed or scheduled in the Debtor Affiliates’ cases shall be deemed to have been filed in the Chapter 11 Case of Azure; c) Azure may change its name to Azure Midstream Liquidating, LP and the Chapter 11 Case of Azure may be renamed accordingly; and (d) the Chapter 11 Cases of the Debtor Affiliates shall be closed. In the discretion of the Plan Administrator, after the Effective Date, Azure may engage in any other transaction in furtherance of the Plan.”
The Court scheduled an April 26, 2017 hearing to consider the Disclosure Statement, with objections due by April 21, 2017.
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